Magic Software Enterprises Ltd. Announces Pricing of Offering of its Ordinary Shares

Carter Ledyard client Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC), a global provider of mobile and cloud-enabled application development and business integration platforms, announced that it has priced an underwritten offering of 6,000,000 of its ordinary shares, pursuant to its existing shelf registration statement. In the offering, Magic is selling the shares at a price to the public of $8.50 per share. The company has also granted to the underwriters for the offering an option to purchase from it up to an additional 900,000 of its ordinary shares to cover over-allotments in connection with the offering. The Company’s largest shareholder, Formula Systems (1985) Ltd., has agreed to purchase 700,000 ordinary shares in this offering at the public offering price. Formula Systems will, following completion of this offering, own approximately 45.9% of Magic’s ordinary shares, assuming no exercise of the underwriters’ option to purchase additional ordinary shares.
Magic was represented by corporate partner Steven J. Glusband and corporate associate Guy Ben-Ami.

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